Economic Calendar Analysis
The rate could move due to the US CPI on Wednesday at 12:30 GMT. The pair has moved from 8.7 to 27.5 pips on the release. Note that the lesser moves occurred, when the market forecast was hit.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the pair, as the release had moved the pair from 9.4 to 19.3 since December.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the case of the rate managing to pass this resistance, the pair could reach for the 1.2200 mark and afterwards the weekly R1 simple pivot point at 1.2232.On the other hand, a potential decline of the rate could look for support in the weekly simple pivot point at 1.2109, the 55-hour simple moving average and the 1.2100 level.
Hourly Chart
EUR/USD daily chart's review
On Friday, the rate has passed the April high level. It can be observed that the next resistance for the rate on the chart is the February high level just below the 1.2250 mark.Daily chart
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Traders remain short
On Monday, on the Swiss Foreign Exchange trader open positions were short, as 63% of open position volume was in short positions.
On Friday, 60% were short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the pair.